Azerbaijan announces major oil production adjustments

Vienna, Austria, 1 May 2020--Azerbaijan’s state oil company SOCAR announces major oil production adjustment plans for 2020, 2021 and 2022 as part of Azerbaijan’s commitments to the voluntary production adjustment agreement reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on the 9th and 12th of April respectively via videoconference.

The daily oil production is expected to be adjusted by 96,000 b/d in May-June 2020, by 63,000 b/d in July-December 2020 and by 30,000 b/d from January 2021 to April 2022, as compared to the initial national production plan for 2020, said a statement issued by SOCAR.